1. WORLD ECONOMY

    Pressure on Debt Hits Davos

    International Monetary Fund, IMF,  managing director  Christine Lagarde gestures as she speaks during a session at the World Economic Forum in Davos, Switzerland, Saturday, Jan. 28, 2012.   (AP Photo/Michel Euler)

    Michel Euler / AP Photo

    Leaders at the World Economic Forum in Davos, Switzerland, on Saturday turned up the pressure on Europe to find a solution to the region's sovereign debt crisis. The International Monetary Fund's Christine Lagarde said a bigger firewall of money needs to be set up to ensure stability if there is a lending crisis; the current capacity is $656 billion, which Lagarde said is not enough when it begins operating in July. But there's also good news, as officials in talks between Greece and private creditors say a deal is very close to being reached so that the country's debt load could be cut in half, preventing a potentially disastrous default.

    Read it at New York Times